Volante Technologies Inc., a global provider of software for the integration, processing and orchestration of payments and financial messages on premise or as a cloud service, today announced its partnership with Open Vector, an advisory firm specialising in providing open banking consultancy services.
The partnership between Open Vector and Volante Technologies creates an end-to-end service for the global banking industry looking to adopt open banking policies and structures.
Open Vector provides direction and strategy to clients, while Volante’s open banking API enabling technology ensures firms can easily adopt new API-based technologies regardless of their current banking systems infrastructure. This ensures firms can not only take advantage of the opportunities that open banking presents on an ongoing basis, but also ensures compliance with key regulations coming into effect such as PSD2 and GDPR.
Open Vector was established in 2017 with the purpose of leveraging the extensive knowledge achieved in the UK with the creation, implementation and go live of the first in-country open banking strategy worldwide. Volante’s VolPay Channel: Open Banking solution enables banks to rapidly integrate their back office servicing applications, including payment engines and core banking applications, with the front-end API management layer that provides the secure managed access to the bank’s environment via defined APIs. The integration that VolPay Channel: Open Banking provides includes the management and orchestration of the potentially complex two-way communication between the API layer and the banking systems environment.
Nadish Lad, Global Head of Payment Products, Volante Technologies, commented, “The open banking API world is a new, millennial way of doing business. Aside from the regulatory pressures of PSD2, by adopting open banking, banks can increase the revenue generating opportunities for themselves. By partnering with Open Vector, we will be able to offer a full service approach to clients looking to quickly adopt open banking. This will include consultancy and strategy through to rapid technology implementation and ongoing service, to help clients thrive in this new API-based landscape.”
Carlos Figueredo, CEO, Open Vector, said, “Open Vector is one of the very few commercially-oriented consulting firms that to date has included working with a major global financial centre to interpret policy mandates, and then in the successful creation, design and implementation of its open banking ecosystem. We are certain that through partnering with Volante, we can enable clients to become compliant with regulation, and also, most importantly, help realise new commercial business opportunities and revenue streams.
Our decision to partner with Volante is founded upon the work they do globally in their work with financial institutions to rapidly introduce solutions based on new technologies with high degrees of automation. Their work in implementing APIs into the bank, helps banks with legacy infrastructures to take advantage of the opportunities in open banking.”